Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A BUSINESS PROCESS OUTSOURCING Simply as the movement of business processes from inside the organization to external service providers. Initiatives often include shifting work to international providers. o Five BPO international hot spots have emerged around the globe, although firms from many other countries are specializing in various business processes and exporting services o • • ➢ ➢ ➢ ➢ ➢ • MANUFACTURING OUTSOURCING – quite industry-specific. o (Example) Manufacturing companies outsource the manufacturing of parts or components of their products to other manufacturing companies that specialize in the production of such components. o Companies that couple automobiles can be placed in t;his category o Reduce cost and assembling time o Primary Risk – related to interruption of the production line and quality issues. • PROCESS-SPECIFIC OUTSOURCING – outsourcing specific aspects of the operation ot other companies that specialize in that service. o (Example) Outsourcing the delivery of the final product to a courier company. o Service arrangement that allows each company to focus on its respective strength and improves customer service. • OPERATIONAL OUTSOURCING - most common in the manufacturing industries where some operations are outsourced to third-parties o include maintenance and repair of machine and equipment. o Other types include cleaning services, landscaping, property management and facility maintenance. o All can be offered by any business process outsourcing company. INDIA – engineering and technical CHINA – manufacturing and technical MEXICO – manufacturing UNITED STATES – analysis and creative PHILIPPINES – administrative IMPORTANCE OF BUSINESS PROCESS OUTSOURCING ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Contributing greatly to the economy growth and development of many countries around the world. Helping companies give out those tasks that could be a burden to other companies who specializes in those areas. Cut costs by reducing HR Costs – salary bills, employee benefits, administration overheads. Allows companies to concentrate on their core activities. Reduce recruitment and training expenses that companies do incur Improve quality of service and productivity by bringing greater accountability and transparency in production standards. eliminating business processes that are not part of the core competence of their organizations. (Business Executives/Owners) Back-office functions – payroll and benefits administration, customer service, call center and technical support that have been able to outsource to others who specialize in those areas. TYPE OF OUTSOURCING • PROFESSIONAL OUTSOURCING – most common types of outsourcing o Many companies benefit greatly from this arrangement and reduce cost associated with employing professional personnel Outsource their professional activities to third-party and paid exactly for the service they get ▪ Accounting, legal, purchasing, IT support, and other specialized services Reduces the organization’s overhead costs. Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A • • HORIZONTAL BPO - specializes in carrying out particular functions across different industry domains. o The type of services companies under this category render are wide ▪ outsourcing in procurement, payroll processing, HR, facilities management and similar functions, benefit administration, tax solutions. VERTICAL BPO - focuses on proving various functional services in a limited number of industry domains. o (example) Healthcare, financial services, manufacturing and retail. ➢ ➢ ➢ ➢ ➢ BPO AS A SOCIO-TECHNICAL INNOVATION ➢ ➢ ➢ ➢ ➢ ➢ Many of the early adopters of outsourcing were those who needed software development expertise or who sought technical expertise to staff help desks and call centers. A lot of executives and managers shy away from BPO because they wrongly believe it to be a technical innovation o Better left for the CIO (Chief Information Officer) or other tech admins. o this belief results from the IT origins of BPO. has evolved far from these IT-specific roots and now encompasses nearly every business process. the implementation of a BPO initiative will always involve a technology component, but for that matter so does implementation of an accounting system at a local family owned business. Nearly every modern business innovation comprises both a technical and a social component. use collaboration tools such as groupware or instant messaging to converse and work on projects; o HR administrators train employees through e-learning systems; and executives monitor the entire organization using online balanced scorecards. Decision making, strategy setting, service delivery, and nearly every other business activity is now socio-technical in nature, involving humans interfacing with technical systems BPO is a socio-technical business innovation that provides a rich new source of competitive advantage. BPO requires skillful management of people and technology (hardware and software). who initiates a BPO strategy must find effective ways to introduce people to technology and vice versa. If left solely in the hands of technical specialists, a BPO initiative is likely to fail for lack of paying attention to the soft issues of human relationships, change management, and organizational culture one of those interdisciplinary workplace innovations that require a diverse set of skills in order to be successful. initiation and implementation of a BPO project in an organization requires focused attention on several human factors, both within the organization initiating the project and within the outsourcing vendor. human/social factors cannot be ignored and must be handled correctly in order for the project to succeed o CATEGORIZING BUSINESS PROCESS OUTSOURCING SERVICES ➢ ➢ ➢ HUMAN FACTORS AFFECTING THE BPO INDUSTRY ➢ Developing various teams to manage the BPO initiative throughout its life cycle ➢ Reassuring staff of their role in the company ➢ Training people on the new way of doing business Dealing with job loss and/or reassignment Keeping morale high throughout the change process Encouraging people to participate in decision making ➢ ➢ ➢ ➢ Understanding cultural differences The initiation and implementation of a BPO project also require attention to technology issues Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A ➢ ➢ ➢ ➢ ➢ ➢ Compatibility of systems between the BPO buyer and vendor Data and system security Backup and recovery procedures in the case of system failure Data interface challenges and strategies Software and database compatibility challenges Data and knowledge management BPO DRIVERS/REVOLUTION ➢ ➢ ➢ ➢ ➢ ➢ Connectivity (Internet) Business Specialization Educational attainment Internet Security Online Analytic Processing Inexpensive Data Storage Common Services Rendered by BPO Companies satisfaction, and, ideally, a direct, quantifiable impact on cost. KEY BUSINESS DRIVERS FOR CUSTOMERS/CLIENTS CONSIDERING BPO ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Transferring the entire function (not just the IT component) to a qualified supplier Enhancing/improving methodologies Benefiting from industry knowledge or experience Streamlining or standardizing processes across the organization Sharing resources or technologies Committing less up-front investment to new methodologies or technologies Obtaining flexibility with respect to the rollout of methodologies or technologies Increasing productivity Quantifying savings or benefits Tracking customer satisfaction Enhancing shareholder value GENERAL BPO TYPES ➢ ➢ • OFFSHORE - quite popular due to globalization and there are many good reasons to work with a foreign company o low labor costs and tax savings when choosing to contract an overseas company. o availability of qualified talent, political stability, and the lack of language barriers o reduction in overhead costs o they can lower their prices, which is beneficial to their clients. • ONSHORE – Domestic outsourcing o outsourcing business processes within the home country. o may outsource the customer support department to a company in a different city. DECISIONS IN PURSUING BUSINESS PROCESS OUTSOURCING • • marketing BPO as an alternative to the typical IT outsourcing deal o encouraging customers to identify noncore processes that are inefficient, too costly, or difficult to manage. o The entire process (except, in most cases, high-level management positions) is then turned over to the vendor, who, in turn, typically agrees to productivity, customer satisfaction, and cost savings commitments. BPO customers/clients are looking for innovative ways to increase the efficiency and quality of an entire business process through value-added services, customer discussed in terms of the international relocation of jobs and workplace functions Clients/Business customers are prone to use any or all of these types, depending on their needs and the BPO initiative being implemented Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A o • the process may require skills that are only available in a certain region where it’s less expensive. NEARSHORE - the outsourcing of business processes to a company that’s close to the businesses geographical location and most likely has the same language and similar culture. o often utilized when the business need to work with companies that are in the same time zone or that have a similar culture and/or speak the language DECISION TO OUTSOURCE BUSINESS PROCESSES ➢ ➢ ➢ Under constant pressure from analysts to control headcount, outsourcing backoffice activities to contract laborers in remote corners of the world can provide welcome and quick relief Many leaders are also concerned about the risks of BPO. They are un- sure about the information security issues associated with outsourcing back- office processes. It is critical to point out that BPO is not a technology or a technology system; it is a business strategy. BENEFITS OF BUSINESS PROCESS OUTSOURCING • • • • • COST REDUCTION - Hiring a company specialized in this service can reduce the associated costs. IMPROVE RESULTS IN NON-CORE FUNCTIONS - having people specialized in a task can improve its effectiveness and efficiency. ABILITY TO FOCUS ON THE CORE OF THE BUSINESS - lateral to the core of the company’s operation, so outsourcing them avoids losing focus. FACILITATE COVERAGE OF DIFFERENT TIME ZONES AND REGIONS - provide people in different countries. FASTER TIME TO SOLVE A SPECIFIC PROBLEM - instead of developing in-house capabilities, a company that already has them is hired • IMPROVE OR SOLVE COMMUNICATION PROBLEMS – hired to handle the outsourced process from start to finish. RISKS OF BUSINESS PROCESS OUTSOURCING 1. Inaccurate Definition of Task Area 2. Lack of Expertise in Outsourced Tasks 3. Choosing the Wrong BPO Service Provider a. Expertise b. Experiences c. Real-life Operational Capabilities d. Professional Support and Trustworthiness e. Optimization Strategy 4. Selecting the Appropriate Outsourcing Approach ack of Expertise in Outsourced Tasks 3 MOST POPULAR OUTSOURCING MODELS a. Time and Material Contract company pays an agreed-upon amount for labor or materials needed to complete each task in the time and material contract i. the client provide all requirements for your project – scope/deadline & budget, so there aren’t any surprises or extra fees due to changes in development plans last minute. b. Fixed-price contracts - set out all details upfront, including costs related to overhead, such as rent on space used by contractors who work exclusively during project hours. i. only pay when features are added and avoid extra costs or worse results than necessary with other models. c. Dedicated teams - put together specifically by experienced staff members with expertise in specific fields so they can finish tasks efficiently without distractions i. Instead of delegating a project, you will still be in charge and have experts on hand that can help fill Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A any gaps or solve problems faster than anyone else could alone. Hidden costs Misunderstanding Cultural Context Poor Knowledge Transfer Poor Management and Communication when outsourcing 9. Obstacles from BPO Contractual and Legal Risk Processes 10. Change BPO partner ➢ 5. 6. 7. 8. ➢ BUSINESS PROCESS OUTSOURCING VENDORS ➢ BPO vendors - businesses that offer outsourcing services, and they may specialize in specific functions, such as information technology (IT), or in a range of functions, such as different types of customer service o may be based in low-cost areas that enable them to offer their services at competitive prices, and they may enable their clients to increase flexibility and vary the level of services received as required to maintain a viable business model TOP BPO COMPANIES • • EFFECTIVENESS OF CHOOSING BPO VENDORS ➢ ➢ ➢ ➢ result of a location in a low-cost area combined with a skilled and specialized workforce vendor can combine efficient operating costs with English language skills and specialization in particular areas, such as IT services. specialize in functions such as human resources or customer service. One aspect of customer service is the call center, which is the function most often associated with outsourcing and the one most frequently encountered by the general public. FACTORS TO CONSIDER ➢ the customer’s spectrum of possible vendors will depend on the particular process under consideration as well as the scope of the outsourcing. may consider one vendor to simply continue the operation of an existing process service but another for a more complex outsourcing that requires the development, implementation, and management of new methodologies and/or technologies. the geographic scope of the outsourcing o For multinational transactions or transactions in foreign countries, the customer should identify vendors with resources in the locations under consideration for outsourcing. • • ACCENTURE - a cutting-edge IT company as well as a BPO offering a talented workforce. o They have a presence in over 120 countries and employ more than 500,000 people globally. They have several major clients in the Fortune Global 100 COGNIZANT - US multinational company offers smart digital solutions in business operations, consulting, and information technology. o They specialize in working with banks, retail consumer goods, and insurance. CONCENTRIX - BPO that subsidizes companies in automotive, healthcare, finance, and e-commerce. Concentrix offers solutions to clients in 140+ countries from its US base in California. o It even acquired Convergys, another third-party service provider, to increase its client engagement services. DOXA - supports small to mid-size businesses to help them reach their greatest heights. o They specialize in the factors that can make or break smaller businesses to even the playing field with large companies without breaking the bank. o They work to build scalable, highperforming, global teams for Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A • • • • • • companies where it has never been possible before. WIPRO - supports businesses in banking, retail, travel, and education from their base in India. o They service major clients like Walmart, Philips, Best Buy, and HP using Cloud infrastructure. GENPACT - offers AI-based digital solutions for many industries such as banking, hospitality, energy, and manufacturing. o It has a presence across 30+ countries and over 85,000 employees. EXL SERVICE - New York-based BPO company offers insurance, healthcare, banking, and logistics solutions in countries like India, the United Kingdom, and the United States. o They have over 30,000 employees who use advanced analytics to determine specific insights for each client and enable knowledgeable operations. TELEPERFORMANCE - French-based BPO focuses on customer service. o They offer an assortment of invaluable services in the customer service industry, such as intelligent automation, social media, and analytics. o They also provide content moderation which is helpful to startups of any size. SKYES - multinational BPO company headquartered in Florida. o known for its exceptional ITES services and IT consulting in helping its clients create meaningful and smart customer experiences. SunTec India - a well-recognized, multinetwork BPO company headquartered in India. o It is acclaimed for its overabundance of IT services that help businesses more efficiently realize their ROIs. o The company has been a BPO since 1999. o It provides services in data entry and management, as well as e commerce and SEO. EMPLOYMENT IN THE BPO INDUSTRY BPO DURING PANDEMIC ➢ ➢ working from home was a popular work arrangement. o 40% of BPO employees work in the comfort of their homes either as a part of the gig economy or in BPO companies with remote work options/without local offices. BPO industry remained resilient. o The outsourcing industry’s revenue soared and is now second only to overseas remittances which still make up a large part of the country’s revenue from its OFWs. EFFECTS OF COVID-19 ON THE BPO INDUSTRY ➢ ➢ ➢ ➢ Community quarantines boosted eCommerce, social commerce, financial services, and logistics 22% of BPO companies continued to work on-site. o The Philippine government ordered large BPO firms with more than 100 million pesos assets under Philippine Economic Zone Authority to provide shuttles, meals, and accommodation to employees who work on site. 36% of IT and Business Process Association of the Philippines members did not expect growth during the pandemic while 3-7% were still expecting it. 18% of companies planned to retrench their employees to cut costs amidst the pandemic. Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A THE RESILIENCY OF THE BPO INDUSTRY ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ The government helped corporations to recover from the pandemic with the Corporate Recovery and Tax Incentives for Enterprises Act. The CREATE Act reduces the income tax rate of large companies to 25%. This aimed to help businesses that suffered from the pandemic and to attract investors by cutting corporate income tax. But tax perks are tied to BPO companies which have 70% on-site employees and only 30% of their workforce working from home. This was until April when the government wanted 100% of these companies’ employees to work on-site. Despite this and other challenges of the pandemic, the Philippine outsourcing revenue grew 9%, 4% higher than the previously projected 5% in September. The country’s BPO receipts exceeded expectations as other countries outsourced the skills they need. Healthcare, Animation, and Game Development headcount growth rates had a steady increase from 2019. The Filipinos also looked for higher-value jobs that offered programs for talent upskilling. As Filipino freelancers upskilled, the Philippine outsourcing industry offered more digital talent and solutions, with skill levels and experience comparable to and even exceeding that of their offshore counterparts. This includes preserving employment, promoting investments, and promoting rural development. With other industries collapsing during face-to-face restrictions, BPO became a major economic driver. 78% OF FILIPINOS rated their mental health as ‘Good’, ‘Very Good’, or ‘Excellent’ ➢ ➢ BPO workers soldiered on, especially Filipinos who can always be counted on for optimism. According to Singapore-based consumer research firm Mileu Insight and mental health platform Intellect, the Philippines has the best mental health compared to Indonesia and Singapore. o main motivations for doing their best include increased wages, giving their loved ones a good life, and achieving a sense of accomplishment. OVERALL HUMAN RESOURCES ➢ ➢ the end of 2022, industry leaders expect 1.8 million Filipino BPO employees. o In addition, to call center employees, the Philippines expands its outsourcing workforce to non-voice and technical specialization in digital like social media managers, web developers, data analysts, and more. 27% of the BPO sector’s workforce disperse across the countryside. o Emerging and established hubs expect to erect their offices in provincial areas. DEMOGRAPHY OF BPO AGENTS IN THE PHILIPPINES ➢ ➢ ➢ BPO agents in the Philippines average age interval is 18 to 34. In the contact center industry, women outnumber men with 58% female and 42% male at the start of 2022 Men dominate higher-paying jobs like computer programming, software development, and software publishing. OVERTAKING GROWTH GOALS ➢ PHILIPPINE BPO EMPLOYMENT STATISTICS 2022 ➢ According to the IT and Business Process Association of the Philippines, the BPO industry surpassed the revenue and employment goals of 1.43 million FTEs and $29.1 billion in revenue with 1.44 million FTEs and $29.9 billion in revenue. It was a 10.6% jump from last year. With digital adoption and expansion across Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A ➢ ➢ horizontal and vertical markets became the key drivers for BPO growth. not surprising with the pent-up demand from global customers that the Philippines offer quality at lower costs. Other reasons include higher confidence in flexible work arrangements and the growth in emerging sub-segments of outsourcing. o From eCommerce, financial technology, technology, and healthcare. CAREER OPPORTUNITIES IN THE BPO INDUSTRY • Finance & Accounting – Accountant, Bookkeepers, Collections, Debt Recovery. • Marketing Support – Digital Marketing, Social Media, Copywriters, Video Editors, Website Developer / Graphic Artist. • Call Center – Customer Support, Telemarketers, Email support/Chat, Lead Generators, Collections. • Back office support – Human Resources staff, Encoders, Virtual Assistants, Data Entry, Account Management. • IT Professionals – Software Engineers & Development, Network Engineer. Animation and Game Development. • Healthcare - medical transcriptions, medical coding, and medical billing, patient management and HMO utilization. Nurses and medical professionals are much in demand in this area. • Engineering and Architectural Services – Designs, layouts, plans and other engineering and architecural services. TURNOVER AND RETENTION RATE ➢ ➢ ➢ ➢ ➢ ➢ turnover rate in the Philippines is higher than in other countries with an estimated 30 to 40% Attrition is one of the main issues in the BPO industry where employers struggle to find and keep long-term employees. 14% of BPO employees plan to shift in the next three to six months. If returning to the office is compulsory, one-fifth of 1,400 BPO employees will consider quitting. o They are comfortable at home and free to multitask. o They also won’t lose time on commutes – which can take one to two hours of their time sitting in traffic. Part-time agent’s average stay in a company is 6 months, while the full-time employee’s average is 18 months. the common causes of the increasing attrition rate in the Philippines include lack of upskilling, poor working conditions from commuting to clocking out of work, lack of recognition, and excessive workloads. CUSTOMER SERVICE/ TECHNICAL SUPPORT REPRESENTATIVES • Customer Service Representatives answer customer concerns and questions related to products and services their organizations provide. • Technical Support Representatives assists customers in basic to advanced troubleshooting steps for their purchases and services used. TEAM LEADERS/ TEAM MANAGERS • The key skills required for a Team Leader are those associated with leadership – motivator, coach, organiser and a good communicator. Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A • It is the Team Leader’s responsibility to review performance, provide feedback and coach the Agents/Representatives that they are responsible for. • The Team Leaders need to ensure that the Agents are able to reach the targets set for them and that they develop the necessary skills and competencies. • SUPPORT SERVICES • Quality Assurance - monitors the Quality metrics agreed on th KPIs specifically on quality assurance of calls and positive customer experience feedback • Training and Development - provides new hire and on-board uptraining to CSR/TSRs. • Workforce - incharge of scheduling and staffing, maintenance of lines and assure smooth flow of calls coming in with the right amount of people answering the calls. • IT/Helpdesk - provides troubling shooting in all technical and IT related concerns of the site DATA COLLECTION • • • Data entry clerk - Data entry clerks and specialists enter, update and maintain data in business computer systems. The primary responsibility of a data entry clerk is to ensure business databases are up-todate and accurate. Medical scribe - transcribe clinical information during visits into electronic health records (EHRs). They work under the supervision of a licensed physician to document medical notes and enter referrals and orders into clinical databases Transcriptionist - an expert typist who listens to audio recordings and converts these files into text. Transcription careers are common across the medical and legal industries, where BPOs may provide transcription services to clinical practices, hospitals, private physicians' offices, law firms and within the court system. Data Collector - interview people inperson, over the phone or collect survey data online and enter this information into databases. – - DATA ENTRY AND TRANSCRIPTION • Coding specialist - Coding specialists and medical coders convert medical notes and patient information into code formats for billing, record keeping and research and development applications. Coding specialists typically work for BPOs that provide services to physicians' practices and dental offices, however, many coding specialists can also find work in BPOs that serve government agencies, insurance companies and financial institutions. They also ensure the data collection processes and resources are accurate in order to sort and analyze statistical data for completing studies or questionnaires. BPOs specializing in data entry services may contract with companies and government agencies that need data collectors to acquire, organize and review population data for a variety of purposes. ACCOUNTING • Accounts payable clerk - complete payment transactions and control company expenses and liabilities. They receive, process, verify and reconcile company payment invoices and maintain business accounting ledgers to organize and track companies' expense spending. • Bookkeeper - oversee certain aspects of a company's financial accounting processes, but in smaller businesses, bookkeepers may be responsible for all the financial accounts. They keep track of their organizations' general ledgers by recording all transactions and documenting debits and credits. They may also prepare income statements, balance sheets and other financial reports. Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A • • • Accounts receivable clerk - documents and records customer payment transactions in a business's general ledger. They track cash, credit and written check payments and post revenue amounts to financial records. They also keep purchase records up-to-date and manage unpaid invoices by communicating with customers and collecting payments Credit specialist - help others evaluate financial history and determine whether individuals qualify for credit cards, lines of credit or loans. They may communicate with individuals over the phone or in person to perform credit analyses for credit approval process. Credit specialists may also assist businesses and financial institutions in collecting past-due credit payments. Finance agent - sell various financial services to clients, including loan services, investment tools, tax services and other financial consultation and wealth management services. HUMAN RESOURCES • • • Payroll clerk - collect and organize employee time sheets and enter this data into company databases to process and distribute payroll. They organize time sheets according to company pay periods and help companies process and distribute income. They may commonly process and ensure the accuracy of overtime hours, employee bonuses and other income-related earnings. Recruitment resourcer - responsible for finding qualified candidates for job vacancies. They support HR recruiters and consultants on both individual roles and on larger contracts to find talent for job openings across a range of industries Human resource specialist - support business growth through the hiring process. They commonly find and recruit qualified candidates, screen potential hires and set up and perform interviews. During the hiring process, HR specialists help place employees into appropriate roles and help in employee training and onboarding. HR specialists also oversee employee relations, benefits and compensation. • Benefit specialist - work in HR roles and oversee company benefits programs for employees. They organize and provide informational resources on medical coverage, dental insurance and retirement benefits and assist employees with the application process for signing up for these types of benefits. • Compliance consultant - ensure businesses and organizations are following local, state and federal regulations and standards for the type of industry. A compliance consultant can work in most industries where regulatory oversight is a primary aspect of business operations. DIFFERENCES BETWEEN BPO AND CALL CENTER BUSINESS PROCESS OUTSOURCING (BPO) - a firm which sends out operations and responsibilities to a third-party service contractor ➢ ➢ ➢ services can range from manufacturing products, providing back office workforce, or can be providing customer service support for companies processes different tasks regardless on how big or small based on the need of its clients, meaning there are no limitations on what work can be outsourced to a BPO company. can be used by almost all businesses that have processes and back office tasks CALL CENTER - subset of a BPO that mainly focuses on phone-based processes and in most cases, uses autodialing. ➢ ➢ a centralised office used for receiving/sending large volumes of calls through a handset (telephone). focuses mainly on providing support for the company through outbound calling, resolving queries as well as process Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A customer requests sent through phone and email. • SOFT SKILLS - the characteristics of an employee that allow them to get along with other people in the workplace. • Hard skills - relate directly to knowledge and the performance of the job. An example of a hard skill is the ability to operate a computer KEY COMPETENCIES FOR EMPLOYEES JOINING THE BPO INDUSTRY • EXCELLENT ENGLISH SPEAKING AND WRITTEN SKILLS - As an employee of a BPO company, you must possess an excellent English Speaking and written skills. This is because you are often communicating customers across the world. As English being the universal language, it is your primary method in conversing with your customers. • CONSUMER BEHAVIOR AND MARKETING SKILLS - You must have the power to convince your customers to patronize the product or services your BPO Company is offering. • LINGUISTIC SKILLS - While this skill is not necessarily required to possess, it is definitely an advantage if you know how to speak and write languages other than English. o The potential to a bigger target audience is high because you are able to sympathize with your client. Customers are more likely to reach with you since they are comfortable to converse with you. BASIC COMPUTER SKILLS - also important that you are computer savvy o is essential to know basic computer operations like Microsoft Office, surfing the net, email etc. Your productivity is more efficient if you use the right tools when conversing with a client. TEAM PLAYER - Not only you are competitive as an individual but you must also possess the ability to lead. o important to develop harmonious relationship between your teammates so that you are in sync in achieving the organization’s goal. o You must be a good follower for you to become a good leader. • • SOFT SKILLS FOR BPO AND CALL CENTER AGENTS • Ability to Communicate o Call center agents spend the majority of their time at work talking to people they have never met before. The ability to discuss complex information and present the company’s core message in a meaningful way is at the heart of the employee’s job. • Ability to Learn o A call center employee is constantly challenged to learn new scripts, products, and computer systems. Agents who catch on fast are invaluable to the company. • Ability to Meet Goals Set By Others o call centers are numbers driven. So, whether the employee is supposed to make a minimum number of calls a day or achieve a certain conversion percentage, they need to be able to internalize the goals set by their supervisor and constantly meet or exceed them. • Ability to Work in a Structured Environment o typical call center has employees sitting in designated desks, following a script, and entering data. Creative types might be challenged by the routine. An agent who can handle the routine day in and day out is more likely to be successful in the long run. Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A • • • Ability to Find Answers o there are times when customers will have questions that are not thinking critically is an important call center soft skill for customer service agents scripted. o If an agent is able to quickly find the answers to the questions that the person on the other end of the phone has, they will be more effective in accomplishing their objectives. o Depending on your workplace’s structure, this may involve quickly researching company resources or turning to outside sources. Flexibility o While structure is the defining characteristic of a call center, the ability to react appropriately in any given situation is essential. Agents who who are flexible will adapt as appropriate have tremendous value for companies. Problem Solving Skills o Employees who can think critically about a challenge and find ways to overcome it are invaluable. Problem solving skills allow agents to adapt when the computer system goes down or resolve conflicts with fellow employees. OUTSOURCING AS AN OPTION FOR BUSINESSES ➢ ➢ ➢ ➢ ➢ Management Directive Obtaining Management Support and Forming the Outsourcing Team Guidelines and Internal Evaluation Preparing a Timetable Internal Communications • • Senior Management typically decides to evaluate outsourcing as part of: ➢ ➢ ➢ ➢ ➢ ➢ With the cost of some noncore business processes amounting to between 7 and 11 percent of a company’s revenues, senior management is paying more attention to how individual processes are being handled, looking for new ways to cut costs An organization-wide directive to outsource noncore business processes An effort to globalize/standardize business processes throughout the organization An organization-wide directive to downsize or cut costs The reorganization of a business department, often in response to a reengineering study The redirection of certain methodologies/technologies as an effort to remain competitive An effort to enhance public perception Managers responsible for the business process, whose reasons for considering outsourcing are often more focused, typically target outsourcing as an option: ➢ ➢ ➢ ➢ ➢ MANAGEMENT DIRECTIVE • and increase profitability and performance Senior Management – viewing outsourcing as a means for handling, either short or long term, a particular process and, in many cases, broader organizational needs. Reasons for issuing the directive to consider outsourcing varies from customer to customer and may vary depending on whether it comes from senior management or management responsible for the business process. As part of the reorganization of all or part of the business department As a means to cut business process costs As a means to focus more resources on business process strategy In an effort to enhance performance As part of the roll-out of new methodologies/technology in order to provide lacking expertise/experience OBTAINING THE MANAGEMENT SUPPORT AND FORMING THE OUTSOURCING TEAM • Once the decision is made to consider outsourcing all or part of a business process, it is necessary to solicit the necessary support from the department of Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A • • the business process being outsourced, from senior management and, in some instances, from the board Support from within the particular business department and from senior management is critical to moving the process along, particularly since the customer will need to commit significant resources to carrying out the evaluation, proposal, and negotiation processes. These resources include financial resources for such expenses as travel, meeting rooms, overtime, and consultant/legal fees, as well as personnel resources • The next step is to select the customer’s project leader. • It is important that the project leader receive both clear direction about what the objectives are and the time frame for achieving these objectives and the power to carry out these directions and make decisions. The project leader typically organizes a team from within the particular department being outsourced One or all of these departments: ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Purchasing Finance Human resources Legal Audit Tax Risk Management Other affected areas (e.g., mergers and acquisitions may get involved if there is an asset transfer) Outside consultants and lawyers GUIDELINES AND INTERNAL EVALUATION • Once the outsourcing team is formed, the team should consider preparing guidelines for the project, including procedures relating to confidentiality and internal and external communications • • • It is prudent to implement a system for marking documents (e.g., proprietary and confidential, authorized access only) An essential step – which must be executed prior to performing preliminary due diligence – is for the team to establish its top five to ten objectives for outsourcing Although the potential for immediate capital and overall cost savings exist, it is not always realized, nor is it always the primary objective in pursuing outsourcing In addition to cost savngs, other common objectives of outsourcing include: ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Concentrating resources on core capabilities Implementing a variable cost approach Obtaining an immediate cash infusion (typically associated with the transfer of assets to the vendor) Improving overall performance Improving efficiency Improving end user/client satisfaction Keeping pace with industry trends Providing access to new methodologies/technology Reducing risks Sharing risks Implementing tools for growth Standardizing diverse methodologies/technology Facilitating migration to new methodologies/technology Managing legacy methodologies/technology while the customer or the vendor implements new methodologies/technology Obtaining new or additional resources Providing flexibility to increase or decrease resources Any customer deciding whether to outsource will need to outline the benefits and risks of outsourcing and assess whether the benefits outweigh the risks. BENEFITS RISKS Cost savings/benefits Loss of control Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A Greater ability to concentrate on core business Implementation of wide initiatives Sale of assets (moving assets off books, capital infusion) Greater resources to move to new environment/systems in a faster time frame More/varied skills and resources Better access to new methodologies/technology Difficulty in managing costs DEFINING SCOPE OF TRANS ACTION • Additional liability Difficulty bringing business process back in house Reduced Flexibility DEFINING THE GENERAL SCOPE - For some customers, it is easy to define the general functions within the business process that will be outsourced - Part of the outsourcing directive, for example, may be to outsource all of the business process functions except for strategic planning - Other customers are not sure which business process functions to outsource, mostly because they are not sure what the vendor can deliver and how much it will cost. - If a customer is not sure what to outsource, it can be beneficial to be over-inclusive regarding what is to be outsourced and to include a requirement that the vendor “unbundle,” or provide separate pricing for, certain functions Training expense reduction Greater Flexibility PREPARING A TIMETABLE • The period of time form which a customer decides to pursue the possibility of outsourcing until the actual outsourcing contract is signed may vary from two months to three years, depending on the customer’s reasons for outsourcing, the customer’s and the vendor’s negotiating flexibility, and the complexity of the transaction Other issues to consider when starting to define the scope of the transaction include: INTERNAL COMMUNICATION ➢ An important issue to consider early in the planning process is how employee/internal communications will be handled. ➢ Customers typically follow one of three general approaches: 1. Wait until the deal is ready to be signed before telling employees 2. Tell the employees that outsourcing is being considered and that no other information is available until contract negotiations are well under way 3. Be candid with employees and communicate all steps of the outsourcing process ➢ ➢ ➢ • Are any other entities currently being provided services? Will they be in scope? Who are the users: Employees? Customers? Suppliers? Independent consultants? Are any existing outsourcing or subcontracting arrangements in effect that cover in-scope services? Are there costs associated with terminating or transferring these relationships? Will assets be transferred to the vendor? Will employees be transferred to the vendor? Just as important as defining which services are to be outsourced is defining which services the customer wishes to keep in-house. Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A • The scope of retained responsibilities may vary from function to function with respect to financial, administrative, and operational responsibilities. UNDERSTANDING EXISTING RESOURCES It is important for any customer wishing to outsource to have a strong understanding of the tasks that staff members currently responsible for the business process functions to be outsourced perform. This is an important early step for three reasons: 1. It is difficult for the customer to define which services it wants the vendor to provide if it does not know what it is doing today. 2. It makes writing the request for proposal and service exhibits to the out- sourcing agreement less overwhelming. 3. If the customer does not have a clear and comprehensive understanding of its current tasks, it loses much at the negotiating table, particularly if the vendor has done its due diligence. • In addition to understanding the current scope of services being provided by the customer, it is useful to understand the customer’s strengths and weaknesses with respect to the performance of these services. • Often, in fact, the knowledge of the customer’s weaknesses serves as a strong negotiating tool in ensuring that the vendor fills these weaknesses. • In many cases, these weaknesses are why the customer is outsourcing • The long-range plan should include a list of all of the projects that the customer foresees implementing in the next three, five, and seven years. • The customer will need to build into its analysis what its business needs are currently and in the future—this includes new or divested sites and any anticipated expansion or downsizing. • If possible, the outsourcing team should be tapped into management—its own and often its parent’s—to understand the direction the overall customer organization is going in. • Finally, the customer will need to evaluate the extent to which corporate initiatives in respect of other business processes may impact the outsourcing of this particular business process. SELECTING A GROUP OF POTENTIAL VENDORS ➢ ➢ ➢ ➢ MAKING THE FIRST MOVE • Once the customer has decided to move forward with assessing outsourcing as an option, it will need to identify the potential vendor or vendors that have the resources, capabilities, and requisite experience to provide the desired services. • Unless the decision to evaluate outsourcing has been kept confidential, vendors will hear through the grapevine, through an existing relationship with the customer, or through their marketing efforts that the customer is considering outsourcing. • The organization may already be targeted as a potential outsourcing customer. • Even if the customer has an existing relationship with a vendor and thinks that in the long run this vendor is the right match, the customer should seriously AREAS TO UNDERST AND PRIOR TO ISSUING THE REQUEST FOR PROPOSAL • • • • • • • Relevant Budget Shadow Support Organizational Structure Management Structure Inventories Service Levels Critical Services DEVELOPING LONG RANGE PLAN Making the 1st move Vendor Experience and Resources Request for Information Narrowing the Vendor Group Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A consider performing at least minimal due diligence to see who else can provide similar services. • RFIs have proven to be particularly useful to customers who want to outsource overseas who do not know much about potential overseas vendors and to customers who are not necessarily interested in doing business with one of the top outsourcers. • However, customers who have targeted vendors or are dealing with an industry with which they are very familiar typically feel that issuing an RFI delays the selection process. • The RFI is typically issued by the customer on a confidential basis or by the customer’s consultant without direct reference to the customer. • The main reasons for keeping the identity of the customer confidential are to minimize disclosure to employees, consultants, and the public (particularly shareholders) prior to making any formal decision as to whether outsourcing is a viable option and unwanted marketing or sales calls. If the customer is not familiar with all of the potential vendors, it may wish to: • • • Obtain vendor information from industry reports/surveys. Look at industry publications. Talk to other outsourcing customers. VENDOR EXPERIENCE AND RESOURCES The next step is to commence due diligence on the pool of vendors that the customer is targeting. Due diligence may include: • • • • • • • Issuing a RFI Talking to outsourcing clients Visiting outsourcing clients’ sites Visiting vendor sites Checking customer’s previous experience with vendor Performing a newspaper search for recent articles Checking litigation involving vendor Obtaining annual reports Obtaining industry surveys/reports DUE DILIGENCE • , the customer is able to begin to sense which vendors have the resources and experience to provide the desired services. Useful questions to ask during due diligence either on a formal basis or an informal basis include: • • • • • • • Vendor Reputation Vendor History Organization Resource Distribution Experience Roll-Out Customer Base/References REQUEST FOR INFORMATION • If a customer does not have easy access to information regarding certain vendors that it is interested in or is particularly concerned about documenting all phases of the selection process, one approach is to conduct a formal RFI process. NARROWING THE VENDOR GROUP The screening process typically involves taking the long list of vendors developed during initial due diligence and determining which among the top vendors meets the customer’s requirements. As part of the screening process, it is usual to distribute to the outsourcing team (and members of management if appropriate) a list of the vendors, a list of criteria on which to judge the vendors, and a system pursuant to which the vendors can be ranked for each of the criteria. The results of the team’s evaluations can then be compiled and used to select the top three to eight vendors REQUEST FOR PROPOSALS SINGLE BID VS MULTIPLE BIDS customers decide early in the process that they are going to issue the RFP to only one vendor. While this is generally not the recommended approach, it may make sense in situations where: Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A • • The customer has a history with one particular vendor who is familiar with the customer’s organization. • • • Impact on pricing and service level commitments because the bid is not competitive. No comparative data or pricing. The vendor may be less flexible. Sending a negative message to other vendors (why bid on other projects if they do not have a chance?). For some outsourcing candidates, single bidding is not an option: • Government contractors may be required to go out to competitive bid in order to comply with federal acquisitions regulations. • Government entities are usually required to go out to competitive bid. • In some cases, publicly held companies are required to obtain competitive bids (this may be true where there is a substantial expenditure or it is necessary to show that the contract is competitive for corporate audit purposes). For most customers, requesting multiple bids is the preferred approach because it: • • • • • • Prior to issuing an RFP, the outsourcing customer should determine whether it wishes to request bids from single vendors for all of the services (i.e., single-source outsourcing) or bids from different vendors for different areas of the services (i.e., multisourcing). • There are significant differences between “unisourcing” and multisourcing. The most compelling difference is that they require different internal management structures. • Multisourcing requires a broader internal management equipped to manage several vendors at a time. In addition, there are liability issues: Unisourcing allows the customer to look to one party for performance, while multisourcing may allow a vendor to look to the other vendors for responsibility. • There are also cost benefits and risks associated with the two approaches. • Bundling services together may allow the vendor to quote a better overall price for the services. • However, if the vendor is not an expert in a particular area—and therefore has to build the necessary infrastructure or hire a subcontractor—it may be more cost effective for the customer to contract directly with the subcontracting organization. The customer is under considerable and real pressures to get the deal done. There are, however, significant disadvantages to requesting a bid from only one vendor. The most obvious is that the customer forfeits substantial negotiating leverage. Other disadvantages may include: • SINGLE VENDOR VS MULTIPLE VENDORS Adds to project legitimacy Demonstrates that due diligence was performed May lead to competitive pricing or service levels Enables the customer to use the possibility of other interested vendors as a negotiating tool Provides access to alternative solutions PREPARING THE REQUEST FOR PROPOSAL • Most customers wish to issue a formal RFP outlining their objectives in outsourcing and detailing the scope of services to be outsourced. • Preparing the RFP is useful not only in obtaining vendor responses but in forcing the customer’s internal team to formally establish and document its objectives, business requirements, and scope of services. Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A SELECTING BPO VENDORS EVALUATING THE PROPOSALS • • • • • • Evaluation Criteria Respondents Scoring Weighting the Criteria Tallying the Ballots Final Selection Process EVALUATION CRITERIA • • • To facilitate the evaluation process, it is helpful to prepare a list of key criteria on which to judge the vendors and their proposals. The items included on this list should reflect the customer’s list of objectives for outsourcing. For example, if one of the customer’s main objectives for outsourcing is to cut costs, then the vendors’ financial proposals will likely be a key criteria. Similarly, if a key objective for outsourcing is to move the customer to a new environment, then the vendors’ proposed solutions will likely be considered key. The types of criteria that a customer considers key will vary depending on the scope, value, and complexity of the proposed outsourcing transaction. Examples of key criteria include: PROPOSED SOLUTION ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Methodologies Technology (hardware/software/network) Configuration Committed resources Innovativeness Flexibility Fit with customer’s environment/organization Willingness to share risk ABILITY TO DELIVER SERVICES ➢ ➢ ➢ ➢ ➢ ➢ Experience/skill levels of staff Methodologies Technology (hardware/software/network) Vendor reputation Vendor experience Proposed implementation schedules ➢ ➢ ➢ Physical security Data security Disaster recovery/business continuation ABILITY TO IMPLEMENT NEW METHODOLOGIES OR TECHNOLOGY ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Technical resources/ability Access to new methodologies or technology Flexibility Innovativeness Open methodologies or technology versus proprietary methodologies or technology Willingness to use third-party products Implementation schedules Remedies for failing to meet schedules ABILITY TO MEET PERFORMANCE STANDARDS ➢ ➢ ➢ ➢ Methodology Proposed service levels Remedies for failing to meet service levels Benchmarking services Benchmarking service levels VALUE-ADDED SERVICES ➢ ➢ ➢ Incentive mechanisms Access to new methodologies or technology Cross-marketing EXPENSES FINANCIAL PROPOSAL ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Base pricing Variable pricing Cost savings Savings commitments Budget comparison Ability to increase or decrease services Cost-of-living adjustments Taxes Payment schedule VENDOR REPUTATION/FINANCIAL STANDING ➢ ➢ ➢ ➢ ➢ Financial stability Quality of personnel Vendor culture Prior or existing customer relationships Vendor presence in customer locations Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A VENDOR EXPERIENCE ➢ ➢ ➢ ➢ ➢ Outsourcing experience Experience in industry References Number of clients Experience in relevant locations RESPONDENTS • Once the outsourcing team agrees on the evaluation criteria, the customer should rank the vendors based on their fulfillment of the criteria. • To benefit from the judgment of each member of the outsourcing team, many customers implement a voting system allowing each team member to submit his or her individual assessment of the proposals and vendors. • In many cases, the group of people participating in the evaluation process extends beyond the outsourcing team and may include other key players, such as the chief financial officer and members of senior management. VENDOR FLEXIBILITY ➢ ➢ ➢ ➢ ➢ ➢ Adjustment of services Adjustment of fees Adjustment of service levels Ability to add or take away entities Ability to terminate early Ability to terminate in part KEEPING ABREAST OF INDUSTRY DEVELOPMENTS ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Security Hardware Software Network Methodologies Processes Tools Laws/Regulations Taxes TERMS AND CONDITIONS ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Proprietary rights Third-party consents Indemnities Insurance Rights to terminate Rights upon termination Audit rights Liability for third-party claims Damages SCORING • A scoring system should be established. Each of the criteria should be assigned a score ranging from poor to outstanding. • A common (and easy to tally) scoring system is to rank the vendors in each category from 1 to 10, where 1 = poor, 5 = acceptable, and 10 = outstanding WEIGHTING THE CRITERIA • Not all evaluation criteria may be of equal importance. Customers engaging in more formal (or structured) evaluation processes should consider weighting each of the criteria to reflect the importance given to each. • A common approach for weighting the criteria is to assign a weight or percentage to each general category, with the total of all of the weights equaling 100 percent. • Some customers assign weights to subcategories of the general categories in order to allow for a more detailed analysis. HUMAN RESOURCES ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Number of employees to be transitioned Salary Health benefits Deductibles/Copayment Bonuses Savings plans Retirement plans Severance Pre-employment screening Employment agreement TALLYING THE BALLOTS • After the evaluation ballots have been filled out and returned to the outsourcing Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A team leader or his or her designee, the results should be tallied. • Although the customer typically chooses to keep the individual ballots confidential, the tally of all of the ballots is usually distributed to the outsourcing team and senior management. FINAL SELECTION PROCESS Once the ballots have been tallied, the outsourcing team should take a final look at the top vendor or vendors. This can be done in a number of ways: • Obtain a commitment that the vendor will provide a top negotiating team that is empowered to make decisions • Discuss the proposed schedule COMMITMENT AND COSTS The preferred vendor or vendors typically will need to (or be asked to) increase the number of personnel working on the potential deal. Such personnel may include: • A senior manager empowered to make decisions Marketing representatives • Proposed project executive(s) • An informal sign-off from the outsourcing team • Business process experts • An informal sign-off from senior management • Methodology or technology experts • Tax expert(s) • A formal approval vote by the outsourcing team and/or senior management • A dedicated human resources representative • A formal letter of approval from senior management • Legal counsel • Industry experts (e.g., retail consultant) • Some customers go so far as to have respondents who disagree with the choice of the top vendor or vendors note the reasons for such disagreement • Local representatives, counsel (for international deals) Temporary staff (if customer staff is at critically low levels) Due diligence team • Contract administrators NOTIFYING THE PREFERRED VEND ORS MAKING THE ANNOUNCEMENT The outsourcing team and senior management should discuss the manner in which the preferred vendor or vendors are to be notified. When making the announcement, the customer should: • Reserve the right to negotiate with other vendors • Refrain from making any promises or representations regarding entering into a definitive agreement • Identify key issues that must be resolved (e.g., the price must come down a certain percentage) • Emphasize that all negotiations and communications are confidential Note that the vendor should not make statements to customer employees or the press without the customer’s consent This commitment may also include increasing nonpersonnel resources (e.g., access to certain technologies, temporary loan of equipment, travel expenditures). The customer will likely also need to step up its commitment of personnel and resources to keep up with the team that the vendor(s) put together Typically, the customer and the vendor(s) each bears its own costs and expenses. In some cases, however, the customer may agree to pay for some or all of a vendor’s expenses LETTER OF INTENT • The preferred vendor may push for the customer to enter into a letter of intent that, at a minimum, sets out the general objectives of the parties. • Vendors typically want to include a provision in the letter of intent that Business Process Outsourcing BS ACCOUNTANCY, 1ST YEAR, 2ND SEMESTER, AC1A provides that the customer will enter into exclusive negotiations with the vendor for a certain number of days. • Other common provisions include allocating costs and expenses, indemnifications for representations made to customer employees, and restatement of the parties’ confidentiality obligations. • Letters of intent are usually not appropriate if the customer is negotiating with two or more vendors simultaneously. • Obviously the customer could not commit to an exclusivity arrangement if it intends to negotiate with more than one vendor at a time. • Most customers resist signing anything indicating that there is a commitment between the parties prior to the signing of the definitive agreement. COMMUNICATION STRATEGY • Once the customer has selected the preferred vendor or vendors, it will need to decide whether to make an internal announcement to employees and/or a formal announcement to the press. • A customer’s decision to announce the selection of a preferred vendor will depend largely on whether it has chosen one or multiple vendors with whom to continue negotiations. • If the customer has decided to engage in simultaneous negotiations with several vendors, it is unlikely that it (or the vendors) will wish to announce this strategy. • If one vendor is selected, the decision to announce the selection of a preferred vendor often depends on the customer’s communication strategy with its employees. • Customers that elect not to make an announcement to employees or to the press at the preferred vendor selection phase typically do so because they feel that they may forfeit negotiating power, lose the interest of other vendors, cause unwarranted public speculation, or, possibly, impact public perception (including stock prices).
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